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#2
11-17-2003, 09:44 PM
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 Re: Self-employed person's Education Expenses MichelleinAtlanta wrote: - quote - > My client has been self-employed as a graphic illustrator
"appropriate and helpful"; yes, it flies.> for several years. He already has a undergraduate and > graduate degree. He has enrolled in graduate school to earn > a second graduate degree, this one in illustration (his > current profession). Tuition will be approximately > $8000/year. He does not itemize deductions. > What do you think about deducting the tuition as continuing > education on Schedule C? It doesn't qualify him for a new > profession and maintains skills for current profession. It > does, however, cause a loss on his Schedule C. Cheer$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
11-17-2003, 09:06 PM
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| Re: Self-employed person's Education Expenses - quote - > My client has been self-employed as a graphic illustrator
Absolutely, he qualifies to deduct it on schedule C -- even> for several years. He already has a undergraduate and > graduate degree. He has enrolled in graduate school to > earn a second graduate degree, this one in illustration > (his current profession). Tuition will be approximately > $8000/year. He does not itemize deductions. > What do you think about deducting the tuition as > continuing education on Schedule C? It doesn't qualify him > for a new profession and maintains skills for current > profession. It does, however, cause a loss on his Schedule C. if it causes a loss. Make sure, however, that he's better off doing that than some combination of that with the Lifetime Learning Credit and/or the tuition deduction (depending on what other sources of income he has). Jan Zobel EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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11-17-2003, 09:06 PM
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| Re: Self-employed person's Education Expenses Of course you should take it. So he has a loss for once - so what. Sec 162.....improves skills and knowledge required in his profession. Lots and lots of case history saying this is "required" in the sense of improving. Ford v Com, old case but still good. I used to argue these all the time for teachers before they removed travel as education. Darn..... Nan, EA in LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
11-15-2003, 06:10 PM
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| Self-employed person's Education Expenses My client has been self-employed as a graphic illustrator for several years. He already has a undergraduate and graduate degree. He has enrolled in graduate school to earn a second graduate degree, this one in illustration (his current profession). Tuition will be approximately $8000/year. He does not itemize deductions. What do you think about deducting the tuition as continuing education on Schedule C? It doesn't qualify him for a new profession and maintains skills for current profession. It does, however, cause a loss on his Schedule C. Thanks for your opinions. Michelle Botwinick, CPA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| education, expenses, person, selfemployed |
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